3 arrested for stealing materials worth Rs. 15.4L from defunct firm's premises

By Newsmeter Network  Published on  27 Oct 2020 1:46 PM GMT
3 arrested for stealing materials worth Rs. 15.4L from defunct firms premises

Hyderabad: The Rachakonda police arrested three persons on 27 October for stealing items worth Rs. 15.4 lakhs from XL Energy Company Limited located at Fab City in Thukkuguda village under Maheshwaram Mandal in August.

Two of the arrested persons — Barkam James(30) and Pasham Lingam (32) — were employed as security personnel at the company while the third person, Narayanakhed Sripad (28) helped sell the stolen items.

XL Energy Limited has not been operational for the past eight years due to a financial crisis. It had hired security personnel to guard its large premises. On 21 October the complainant conducted a surprise check of the premises and found that materials like copper, motors, pipes, and electrical items of panel boxes and air conditioners were missing. The complainant suspected that the security personnel had stolen the items.

During the course of the investigation, the police found that Barkam and Pasham Lingam have been working for the company for eight years. The duo had hatched a plan to commit the theft and called Narayanakhed Sripad to sell the stolen items.

The Pahadishareef police apprehended and arrested the three on the morning of 27 October and produced them before the court for judicial custody.

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